Table 7.
Endogeneity analysis.
| Variable | (1) | (2) | (3) | (4) | (5) |
|---|---|---|---|---|---|
| IV | − 0.0219*** | − 0.2189*** | − 0.0257*** | ||
| (0.0022) | (0.0022) | (0.0071) | |||
| IV 2 | − 0.0002 | − 0.0101** | |||
| (0.0012) | (0.0039) | ||||
| CI_IV | 5.0858*** | 7.8560*** | |||
| (0.7902) | (1.2601) | ||||
| CI 2 _IV 2 | − 2.3391*** | ||||
| (0.8685) | |||||
| Control variable | Yes | Yes | Yes | Yes | Yes |
| City fixed effects | Yes | Yes | Yes | Yes | Yes |
| Time fixed effects | Yes | Yes | Yes | Yes | Yes |
| N | 3906 | 3906 | 3906 | 3906 | 3906 |
| Kleibergen-Paap rk LM statistic: 95.134 (0.0000) | Kleibergen-Paap rk LM statistic: 12.509 (0.0004) | ||||
| Kleibergen-Paap rk Wald F statistic: 97.158 (8.9600) | Kleibergen-Paap rk Wald F statistic: 6.240 (6.0300) | ||||
Values in parentheses are robust standard errors.
*, **, and *** denote significance at the 10%, 5%, and 1% levels, respectively.